CIMB expands into South Korea

Malaysia Chronicle, March 25, 2013

MILESTONE- First Asean institution to gain brokerage licence there CIMB Group's investment banking and brokerage business in Seoul has taken off after successfully obtaining an equities brokerage licence from South Korea's Financial Services Commission.

This makes CIMB, via CIMB Securities Ltd, Korea Branch ("CIMB Korea"), the first Asean financial institution to be granted an equities brokerage licence through an application process. "We are delighted to get off the ground in South Korea. This is a continued expansion of our North Asia investment banking platform and brings us closer to comprehensively covering all key Asia Pacific ex-Japan markets," said CIMB group chief executive Datuk Seri Nazir Razak in a statement.

He added that with this development, CIMB can now offer its global clients access to the South Korean equity market and catalyse more business and investment flows between South Korea and Asean. The 39-strong team in South Korea will be led by branch manager and equities head John Choi and head of investment banking Sean Cho.

The branch will provide stock brokerage, research and corporate advisory services to CIMB's domesticand international clients. CIMB Korea now covers 28 South Korean stocks, which represent 35 per cent of Korea Stock Exchange Kospi Index market capitalisation, spanning various sectors such as banking and finance, telecommunications, shipbuilding, transportation, large capital technology, Internet and gaming.

By the third quarter of 2013, CIMB Korea expects to cover more than 80 South Korean stocks, which will represent more than 70 per cent of the Kospi market capitalisation, said CIMB Group.